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F• S•••••••• L•••••• F•••

Business development companymanaged by F••••• A••••••• L••Non-tradedLatest schedule Jun 30, 2025· PHILADELPHIA, PA

A non-traded business development company, managed by F••••• A••••••• L••, holding $1.7B across 77 borrowers at Jun 30, 2025.

Composed from this BDC's filings and its latest schedule of investments.

Fair value
$1.7B
Schedule of investments, 10-Q and 10-K
Borrowers
77
Schedule of investments, 10-Q and 10-K
Mark on cost
98.2¢
Schedule of investments, 10-Q and 10-K
Schedule of investments (124)Quarter by quarter
As of · the latest schedule of investments read for this BDC

Nothing material in the last 200 days. Last change: 30 Jun 2025, 1 borrower on non-accrual, $23.8M principal; the largest is P••••••••• R•••••••• E••••• H••••••• L•• ($23.8M).

Every headline figure, and the identifiersCIK 1501729 · file 814-00841Show
Fair value
$1.7B
as of Jun 30, 2025
Principal held
$1.7B
debt pieces, the filer's figure
Cost
$1.8B
98c on cost, debt pieces
Unfunded
Not disclosed
commitments not yet drawn
Positions
124
77 borrowers
First lien
not established
94% debt by fair value
Quarters on the tape
12
since Dec 31, 2021
Facilities held
0
0 sponsors financed
Portfolio through time
Fair value by quarter end$1.9B as of Jun 30, 2025
Dec 31, 2021$408M then
QuarterFair valueBorrowersOn costPIK pos.Avg spread
Jun 30, 2025$1.9B7798c8561 bp
Mar 31, 2025$2.2B8498c9544 bp
Dec 31, 2024$2.7B9398c8562 bp
Sep 30, 2024$1.9B85100c9521 bp
All 12 quarters
QuarterFair valueBorrowersOn costPIK pos.Avg spread
Jun 30, 2024$1.8B8399c9508 bp
Mar 31, 2024$2.0B7295c7505 bp
Dec 31, 2023$2.2B7393c13509 bp
Sep 30, 2023$1.6B5995c8578 bp
Jun 30, 2023$1.7B5398c11589 bp
Mar 31, 2023$2.0B5499c12590 bp
Dec 31, 2022$2.4B6699c13588 bp
Dec 31, 2021$408M12n/a0n/a
Sponsors financed
No borrower on this schedule has a sponsor attribution yet.
What changed
Full timeline · 20 events
Every position change, including routine ones
Schedule of investments at Jun 30, 2024
115 positions
BorrowerInstrumentPrincipalFair valueRateMaturity
H•••••• O•• • G•• C••••equity equityNot disclosed$348,000
2c
H•••••• O•• • G•• C••••equity equityNot disclosed$348,000
N•• E••••• P•••••••• L•warrants equityNot disclosed$344,000
55c
W••••• R••••••••• I•••equity equityNot disclosed$0
A••••• W••••••• S•••••••• L••equity equityNot disclosed$0
T••••••• L••equity equityNot disclosed$0
W••••• R••••••••• I•••unstated lien unstatedNot disclosed$0
G••••• J•• C•••••• H•••••••• L•preferred equity equityNot disclosed$0
0c
A••••• W••••••• S•••••••• L••warrants equityNot disclosed$0
A••••• W••••••• S•••••••• L••unstated lien unstatedNot disclosed$0
T••••••• L••equity equityNot disclosed$0
A•••• ••••••••• H••••••• I•warrants equityNot disclosed$0
0c
P••••••••• R•••••••• E••••• H••••••• L••• E•••••••••unstated lien unstated$4.2M$0
0c
PIK 10.00%
Aug 22, 2025
B••••• S••••• W•••••••• C•• I•• L•••
Structured finance (CLO)
unstated lien unstatedNot disclosed$0
P••••••••• R•••••••• E••••• H••••••• L••• E•••••••••unstated lien unstated$2.7M$0
0c
10.00%Aug 22, 2025
Page 2 of 2Previous
Registration
Fiscal year end
1231reported
Incorporated
DEreported
On the SEC BDC report
2012 to 2025reported
Filings listed
15reported10-Q and 10-K since 2022
Former names
FS Energy & Power Fundreported
Latest schedule
0001628280-25-040339reported

Not yet on record: first lien.